The FTSEurofirst 300 index of pan-European shares
was 0.4 percent higher at 1,367.88 points at the provisional
close on Wednesday. That gave it a gain for the year of 3.9
percent.

The index had surged more than 7 percent since Dec. 16. Many
investors bought on the assumption the European Central Bank
would announce sovereign bond purchases -- quantitative easing
(QE) -- early next year to revive the euro zone economy. That
would lower bond yields, making equities more attractive.

"Our take is that ECB QE will be announced in March," said
SteppenWolf Capital chief investment officer Phoebus
Theologites. "Despite the objections of the Germanic bloc, we
view QE as unavoidable."
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